Link Group has lodged its prospectus with the corporate regulator and launched what is expected to be the biggest initial public offering of the year. Link Group has lodged its prospectus with the corporate regulator and launched what is expected to be the biggest initial public offering of the year.
Link has set an indicative price range of $5.41 to $6.37, which equates to 21.2 to 24 times forecast fiscal year 2016 underlying net profit. Link is seeking to raise $879.2 million to $946.5 million.
Joint lead managers, Citi, Deutsche Bank, Macquarie Capital and UBS, will run an institutional bookbuild from October 22-23, while the retail offer is open from October 9-20.
Link shares are expected to start trading on October 27.
Major shareholder Pacific Equity Partners has 110.8 million shares subject to escrow until the release of Link's full year 2016, with 21.7 million shares eligible for early release.
The JLMs will split a management fee equal to 2 per cent of the gross proceeds of the offer. Link may also elect to pay the JLMs an incentive fee of up to 0.5 per cent of the offer proceeds.
